Index to Nigerian Newspapers

Still on cybersecurity and national interest

The Central Bank of Nigeria (CBN) has withdrawn its cybersecurity levy directive, which was intended to generate revenue for the Office of the National Security Adviser's cybercrime combat plan. However, the directive has led to widespread dissatisfaction among citizens who claim that banking transactions are becoming increasingly costly and adding to their financial burden. Senator Shehu Umar Buba clarified that the levy was aimed at financial institutions and telecommunication companies, emphasizing the importance of a secure electronic transaction environment for economic growth and digital financial inclusion. Despite these clarifications, concerns remain among the public about the potential indirect consequences of the withdrawal, such as increased levies on bank transactions and tariffs by telecommunication companies. Cybersecurity measures are essential in curbing online fraudsters, and strong cybersecurity measures like firewalls, intrusion detection systems, and access control help prevent unauthorised access and protect sensitive information. Low-income households are concerned about the potential influence of the levy on them, as it could add to other charges imposed by the CBN, such as ATM card maintenance fees, stamp duty, account maintenance levy, Value Added Tax on transfers, interbank transfer commission, and electronic money transfer levy. Small business owners also express concerns about how the fee might affect their day-to-day operations, as electronic payments are common ways for small businesses to handle consumer transactions and control cash flow. Experts argue that the proposed cybersecurity levy may be unfair, but cybersecurity is crucial in banking, telecommunication, and other sectors to prevent attacks and protect sensitive information. The government should reconsider the levy and ensure it aligns with reality on the ground, not taxing the poor but wealthy institutions.

Wnnie Chidiebube | Economy/Cybersecurity | Vanguard | Monday, May 27, 2024